EIA: US oil production and oil demand Expected to Increase in 2022

U.S. crude oil production and demand will increase in 2022 as the economy grows, the U.S. Energy Information Administration (EIA) said Tuesday in its Short-term Energy Outlook (STEO) report.

The EIA forecasts U.S. oil production to rise to 11.91 million barrels per day in 2022, 12.77 million barrels per day in 2023 and 11.19 million barrels per day in 2021.

U.S. crude production hit a record high of 12.29 million BPD in 2019.

The EIA also expects U.S. consumption of oil and other liquefied fuels to rise to 20.48 million BPD in 2022 from 19.78 million BPD and 20.8 million BPD in 2023.

Consumption hit a record high of 20.8 million barrels a day in 2005, according to EIA data going back to 1973.